- AUD/USD snaps the three-day winning streak.
- Risk-takers catch a breath amid mixed headlines concerning coronavirus impact and the latest sharp rise in cases from Hubei.
- US inflation data, coronavirus news will be in focus for now.
AUD/USD declines to 0.6720 after updates from Australia/China made the Asian session entertaining on early Thursday. While downbeat Aussie Inflation Expectations and renewed fears of coronavirus earlier dragged the quote to an intra-day low of 0.6706, traders seem to pay less attention to the RBA Governor Philip Lowe’s upbeat remarks.
Australia’s February month Consumer Inflation Expectations lagged behind 4.3% forecast and 4.47% prior to 4.0%.
After that, RBA’s Lowe’s comments from the Economic Leadership Forum crossed wires. The RBA Chief said that the coronavirus is having an uncertain impact, but absent the virus makes the Australian economic outlook improving.
China’s Hubei reported 14,840 new coronavirus cases with the death toll rising by 242 to 1,310 at the end of February 12, 2020, as per the official figures. The surge in numbers could be attributed to the revised diagnostic standard.
Following the news, the market’s risk-tone nosedived with S&P 50 Futures taking their first downtick, followed by US 10-year treasury yields. Traders were earlier cheering the receding cases of coronavirus from China, not to mention expectations of early recovery.
A pullback from the six-week-old resistance-line, now at 0.6745, drags AUD/USD prices towards 0.6700 mark ahead of highlighting the monthly low near 0.6680.
Additional important levels
|Today last price||0.6724|
|Today Daily Change||-13 pips|
|Today Daily Change %||-0.19%|
|Today daily open||0.6737|
|Previous Daily High||0.6751|
|Previous Daily Low||0.6711|
|Previous Weekly High||0.6775|
|Previous Weekly Low||0.6662|
|Previous Monthly High||0.704|
|Previous Monthly Low||0.6682|
|Daily Fibonacci 38.2%||0.6736|
|Daily Fibonacci 61.8%||0.6726|
|Daily Pivot Point S1||0.6715|
|Daily Pivot Point S2||0.6693|
|Daily Pivot Point S3||0.6675|
|Daily Pivot Point R1||0.6755|
|Daily Pivot Point R2||0.6773|
|Daily Pivot Point R3||0.6795|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.